The crypto market remained on edge today, June 5, with Bitcoin and most altcoins being in the red. The valuation of all coins retreated by 1.68% in the last 24 hours to $2.1 trillion. This article provides a forecast for top tokens like Zcash (ZEC), Cardano (ADA), and Pi Network Coin (PI).
Zcash price technical analysis
Zcash price has slumped in the past few days, moving from a high of $685 on May 20th to the current $400. It has slumped in the past two consecutive days, erasing millions of dollars in value.
This retreat happened as the privacy token formed a head-and-shoulders pattern, a common bearish reversal sign in technical analysis. It has slumped belows the Major S/R Pivot Point of the Murrey Math Lines tool. It is now hovering at the Strong, Pivot, Reverse level.
The coin has already moved below the 50-day moving average, a sign that bears have prevailed. Also, the Average Directional Index (ADX) has continued to rise this week.
Therefore, the token will likely continue falling as sellers target the psychological support at $300. However, on the positive side, it is likely forming the handle section of the cup-and-handle pattern, which normally leads to a rebound.
Pi Network price chart | Source: TradingView
Cardano price prediction
Charles Hoskinson’s Cardano token remains under intense pressure this week as the crypto market crashintensifies. It dropped below the important support level at $0.2330, its lowest point in December 2022, June 12, and September 2023. Losing that support was a sign that bears have prevailed.
The token has now crashed to a record low and has remained below the 50-day moving averages. Also, the momentum is accelerating amid the broader market weakness, while the coin has formed a head-and-shoulders pattern.
Coupled with its weak fundamentals, where Cardano is widely seen as a ghost chain, we can predict that the token will continue falling. If this happens, it will drop below the key support level of $0.100.
Cardano price chart | Source: TradingView
Pi Network price prediction
Pi Network, a top and viral cryptocurrency, has slumped in the past few months and is now is at its record low. While Pi has been slumping since its mainnet launch in February last year, the current phase of decline started in March after the Kraken listing. Data shows that this listing has not led to substantial demand from American investors.
Other initiatives have also not worked out well. For example, the developers have continued to push network upgrades, which will lead to the launch of smart contracts. They also made some AI-focused upgrades and improvements this year.
Pi Network price chart | Source: TradingView
The chart shows that the Pi Network price has crashed below the Strong Pivot Reverse level of the Murrey Math Lines. It has also dropped below the 50-day moving average, while the Relative Strength Index has slumped.
Therefore, the coin will likely continue moving downwards in the coming days, potentially to the key support level at $0.100.
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